H&R Block is a tax preparation company serving consumers and small businesses in the U.S., Canada, and Australia, preparing roughly 22.8 million tax returns globally in FY25. H&R Block's core business splits into two models: Assisted, where a tax professional prepares the return in person, virtually, or via digital drop-off; and DIY, where clients file their own returns using H&R Block's software. H&R Block operates nearly 9,000 company-owned and franchise offices across the U.S. for its Assisted business, while its DIY product includes AI-powered tax guidance and an optional Tax Pro Review add-on. The business is heavily seasonal, with nearly all revenue and earnings concentrated in Q3 (January–March). H&R Block's primary revenue drivers are volume (number of returns filed), net average charge per return, and mix shift toward higher-income, more complex filers — a deliberate strategic focus in recent years. Beyond base preparation fees, H&R Block earns incremental revenue from attach products like audit protection and refund transfers, plus financial products including a prepaid debit card, refund advance loans, and a mobile banking app. H&R Block also serves small businesses through Block Advisors (tax, bookkeeping, payroll) and Wave (an online small business finance platform). H&R Block's cost structure is largely variable, tied to tax professional wages, which creates operating leverage as revenue scales. H&R Block also acquires franchise offices opportunistically, converting royalty streams into full revenue at attractive multiples.